With just 70 days to go until COP28, the President of the European Commission, Ursula von der Leyen, set out Europe’s position and aspirations in relation to global climate issues at the Climate Ambition Summit organised on 20 September in New York under the auspices of the United Nations, which was also attended by the President of the European Council, Charles Michel.
Ms von der Leyen structured her speech around three main pillars: ambitions, objectives and funding.
Stressing the need to protect citizens, especially the most vulnerable, from the devastating effects of climate change, she reiterated the importance of finding effective and rapid solutions. “The EU will be a steadfast ally in these efforts”, she declared.
Ms von der Leyen also reaffirmed the EU’s commitment to reducing greenhouse gas emissions by at least 55% by 2030 - a target that the Union is already on track to exceed. However, she stressed that it was important for other major global emitters to share a similar ambition. She said that global emissions should peak by 2025, with fossil fuels phased out by 2050.
Acknowledging the significant potential of developing countries in terms of renewable energies and green technologies, Ms von der Leyen spoke of the European investment of €4 billion in renewable energies and hydrogen in developing economies over the next 5 years. This initiative is part of the €300 billion Global Gateway plan.
With a view to COP28, Ms von der Leyen also mentioned the global coalition set up by the President of Kenya, William Ruto, and the Prime Minister of Barbados, Mia Motley, to triple renewable energies and double annual energy savings by 2030. These measures, she claims, are essential to ensure a real impact on the ground, with funding remaining a central element in this battle.
The President of the European Commission underlined the importance of achieving the $100 billion target for climate financing ahead of COP28. “The EU will contribute $27 billion to this effort”, she added. She also spoke of Europe’s will to support the creation of green bond markets in low-income countries, and called for a reform of the international financial system.
Finally, she stressed the importance of carbon pricing. “Today, only 23% of emissions are covered. And this is already bringing in $95 billion”. She said the aim is to increase this figure to 60% by 2030. These comments echo her speech at the Summit on Sustainable Development Goals (see EUROPE 13252/15). (Original version in French by Nithya Paquiry)